TRI Pointe Group, Inc (TPH) has reported 30.56 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $34.83 million, or $0.22 a share in the quarter, compared with $50.16 million, or $0.31 a share for the same period last year. Revenue during the quarter dropped 10.19 percent to $581.79 million from $647.84 million in the previous year period.
Cost of revenue dropped 9.39 percent or $47.95 million during the quarter to $462.65 million. Gross margin for the quarter contracted 71 basis points over the previous year period to 20.48 percent.
Total expenses were $526.35 million for the quarter, down 7.65 percent or $43.60 million from year-ago period. Operating margin for the quarter contracted 249 basis points over the previous year period to 9.53 percent.
Operating income for the quarter was $55.44 million, compared with $77.89 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $74.22 million compared with $99.14 million in the prior year period. At the same time, adjusted EBITDA margin contracted 255 basis points in the quarter to 12.76 percent from 15.30 percent in the last year period.
We are pleased with the progress we made this quarter,” said TRI Pointe Group Chief Executive Officer Doug Bauer. “TRI Pointe delivered on its stated guidance for our ending community count, deliveries, home sales revenue and homebuilding gross margin percentage. While the absorption pace in the quarter was slightly lower than it was last year, I am encouraged by the 26% year-over-year increase in new home orders we experienced in the month of September. We expect to continue this momentum into the fourth quarter due to the success of our new community openings.”
Real estate inventory stood at $2,969.15 million as on Sep. 30, 2016. Net receivables were at $35.32 million as on Sep. 30, 2016, up 7.29 percent or $2.40 million from year-ago. Accounts payable increased 14.64 percent or $9.92 million to $77.67 million on Sep. 30, 2016.
Total assets grew 12.15 percent or $378.09 million to $3,489.90 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,681.54 million as on Sep. 30, 2016, up 10.33 percent or $157.47 million from year-ago.
Return on assets moved down 59 basis points to 1.01 percent in the quarter. At the same time, return on equity moved down 123 basis points to 1.93 percent in the quarter.
Debt moves up
Total debt was at $1,384.48 million as on Sep. 30, 2016, up 11.15 percent or $138.86 million from year-ago. Shareholders equity stood at $1,808.36 million as on Sep. 30, 2016, up 13.90 percent or $220.62 million from year-ago. As a result, debt to equity ratio went down 2 basis points to 0.77 percent in the quarter.
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